Doing Business in India For Dummies by Ranjini Manian

Author:Ranjini Manian
Language: eng
Format: epub
Publisher: Wiley

The central government may ask some companies to submit a cost audit of accounts, which is the process of verifying cost accounts or records and checking whether the previously prepared cost accounting plan has been carried out. The object is to ensure that costs per unit are kept at reasonable limits. This submission has to be completed by a cost auditor who should be a cost accountant under the Cost and Works Accountants Act, 1959.

The Income Tax Act, 1961 requires a tax audit to be conducted by a chartered accountant for taxpayers whose businesses make sales worth over Rs 4 million a year or gross more than Rs 1 million from a profession. Again, audit reports should be issued by a chartered accountant in order to claim tax incentives, tax holidays, and/or benefits.

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